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MicroStrategy, Coinbase Stock Dip as Bitcoin Price Momentum Cools

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Crypto stocks across the board took a dive at Monday’s open after Bitcoin failed to maintain its early weekend momentum, but some are starting to rebound as the day goes on.

At 9:45 am ET, Coinbase (COIN) fell 4% to $156.63. MicroStrategy (MSTR), the world’s largest corporate Bitcoin holder, dipped by 5% to about $133, while the Valkyrie Bitcoin Miners ETF (WGMI) fell by the same amount to a price of nearly $16.

By comparison, the S&P 500 traded flat, and the Nasdaq 100 traded 0.5% down at Monday’s open. Meanwhile, after surging above $60,500 on Saturday, Bitcoin has now fallen below the $58,000 mark as of this writing. It’s down nearly 4% over the last 24 hours.

Coinbase has ticked back up to almost $162, down less than 1% on the day, while WGMI rose above $17, putting its daily loss at nearly 2%. However, MicroStrategy has recovered only slightly as of this writing, down almost 4% on the day to a current price of $136.

Coinbase has underperformed Bitcoin year to date, rising just 3.5% as of Monday versus Bitcoin’s 31% rise. Similarly, despite its exceptional early-year performance, fading hype around CleanSpark (CLSK) over the past several months has driven WGMI into negative territory compared to January 1.

By contrast, MSTR is up 91%, outpacing Bitcoin’s gains during the crypto explosion in early March. MetaPlanet, a much smaller company based in Japan, is up a whopping 544% after adopting its own MicroStrategy-inspired Bitcoin strategy in April.

Both companies have doubled down on their BTC-centric strategies in recent weeks, with MetaPlanet announcing another $2 million BTC purchase last week, and MicroStrategy buying another $1.1 billion in BTC shortly after.

In a Sunday report, Canaccord Genuity placed its price target for MSTR at $173, up 30% from today’s price. “Our price target is derived by assuming 20% one-year appreciation to BTC versus current spot, a 15% increase in value to the software business, and our assumption that the current sum-of-the-parts premium remains intact.”

DeFi Technologies, a Canadian fintech company with multiple cryptocurrencies on its balance sheet, is also up 283% this year, and bucked the bearish trend on Monday with a 1.5% rise.

On Wednesday, the Federal Reserve is expected to announce its first interest rate cut in years, which could have complex implications for the crypto and stock market. As of writing, futures markets are split on whether the cut will be for 25 or 50 basis points, and are increasingly favoring the latter.

Edited by Andrew Hayward

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Ethereum

Hamster Kombat enjoys triple-digit boost from six days ago

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Hamster Kombat is up over 110% from its all-time low price of $0.002263 six days ago.

At last check Saturday, Hamster Kombat (HMSTR) was among the top-three trending coins on CoinGecko, up by almost 88%.

Its fully diluted valuation currently hovers at around $475.6 million. See below.

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 1
Source: CoinGecko

What is Hamster Kombat?

The creators of Hamster Kombat remain anonymous — a common choice in the crypto sector.

Based on a game launched via Telegram, Hamster Kombat meshes gaming with blockchain technology, allowing players to earn in-game HMSTR tokens.

Players can tap on digital hamsters to gain rewards. They can then be upgraded and use the coins to access special game features.

Hamster Kombat also uses non-fungible tokens, or NFTs, and is set to integrate TON blockchain wallets for storing and converting earned tokens.

The recent activity around the meme coin comes as crypto.news reported that Hamster Kombat’s recent chart pattern indicated that a comeback was imminent, despite the coin wallowing in a deep bear market.

Bongo Cat enjoys a brand-new beat

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 2
Source: CoinGecko

Bongo Cat (BONGO) is a meme coin inspired by an internet meme and video featuring a cat playing the bongos.

It has gained attention in the cryptocurrency community, combining meme culture with blockchain technology. As of now:

Bongo Cat is priced at approximately $0.02922 and is currently up 150% at last check on Saturday — the largest-gaining digital asset on CoinGecko.

This blend of meme and finance illustrates the ongoing trend of meme coins capturing both speculative interest and community-driven support in the crypto market.

LMEOW purrs in Thailand

Lmeow (LMEOW) jumped triple-digits on Saturday, coinciding with hype and promotion at Thailand Blockchain Week 2024.

The event, which aims to elevate Thailand into a new era of financial technology, is currently taking place Saturday and Sunday.

Lmeow has a fully diluted valuation of $34.8 million.

The cat-themed tokens can be traded on decentralized exchanges and centralized crypto exchanges, including Uniswap V2 (Ethereum), where the most active trading pair

LMEOW currently has a trading volume of more than $6 million in the last 24 hours.

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 3
Caption: CoinGekco



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All-Time High

Why Bitcoin Will Soar Above Its Fresh Record: Van Straten

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Even after breaking through $77,000 for the first time, bitcoin’s price looks very likely to keep soaring, CoinDesk senior analyst James Van Straten argues.



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Bitcoin

Bitcoin (BTC) Price Tops $77K Record as Muted Funding Rates Suggest Crypto Rally Has More Room to Run

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While crypto assets booked double-digit gains during this week, with BTC sitting at record highs, funding rates for perpetual swaps on crypto exchanges are much closer to neutral levels than the market top in early March, CoinGlass data shows. Funding rate refers to the amount long traders pay shorts to take the opposite side of a trade. When funding rates are negative, shorts pay the fee to longs, as this relationship often occurs during bearish periods.



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